US$62 Million Residential Development Planned In Veraguas, Panama

Panama’s Ministry of Housing has officially put out to tender the “supply of materials, labor, studies, design and construction” of a residential project in San Antonio, near the town of Santiago, in Panama’s Veraguas province.

The project includes the development of 1,020 homes and surrounding infrastructure.

Exciting news for this region, especially since Santiago is the closest “big town” for residents on the western side of the Azuero peninsula—an area we’ve been putting Live and Invest Overseas readers onto for the past decade. Far from the noise and humidity of Panama City, the Azuero Peninsula is not only the “Great Panama City Escape.” For expats like Peg Fairbairn and April Hess, it’s a place you can turn a small fixed income into a comfortable lifestyle (and even fund a new-build Spanish-colonial home).

Construction costs on the western side of the Azuero peninsula are currently around US$1,000 to US$1,500 a square meter—significantly lower than Panama’s City Beaches that average US$2,500 a square meter.

For the development in San Antonio, a clarification meeting is scheduled for Oct. 16 with the deadline for receipt of bids set for Nov. 16 (Source: centralamericadata.com).

Editor’s Note: If you’d like to hear more of your options for living, retiring, and investing in Panama, why not give our Panama Letter a try? From the best neighborhoods in Panama City to beach towns on the Azuero peninsula, each monthly issue spotlights a different Panamanian haven. Best of all, Panama Letter comes without any sugar coating. It’s Panama—warts and all.

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